The country's liquid forex reserves crossed $13 billion mark following rising foreign inflows. According to weekly forex report issued by the State Bank of Pakistan (SBP) on Thursday, the country's total liquid forex reserves reached $13.1328 billion mark as on May 16, 2014 compared to $12.884 billion as on May 9, 2014, depicting an increase of $248 million.
During the week under review, the SBP's liquid forex reserves increased by $300.5 million to $8.32 billion compared to $8.02 billion last week. The increase in the Central Bank reserves is primarily attributed to inflows of $507 million from multilateral, bilateral, and other official sources.
During the week ending May 16, 2014, on account of external debt servicing and other official payments, the SBP made payments of $207 million from its reserves. This includes $148 million payment to the IMF under SBA. Similarly, reserves held by banks posted a decline of $52.5 million to $4.812 billion down from $4.865 billion as week earlier.
The country's forex reserves have been increasing for last two months supporter by rising foreign inflows. A major increase in the SBP's reserves was witnessed in the third week of April. As on April 18, 2014 reserves held by SBP increased by some $2 billion to $7 billion compared to $4.984 billion in the previous week. The increase in the Central Bank reserves has been attributed to receipts of $2 billion from issuance of sovereign bonds in the international capital market and $139 million from Islamic Development Bank.
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